Tammac, a Wayne, Pa.-based business, has made a strong re-entry into manufactured housing lending, with a goal of providing $700 million in financing over the next three years.
“We have a long history and are ready to offer a full-spectrum offering to the manufactured housing community and retailer networks,” Tammac Senior Vice President and National Sales Manager George Ewing said. “We are presently active in 17 states including Texas and Florida and we will be expanding into South and west of the Mississippi this year. We will then be targeting expansion in the Midwest and on the west coast.
“There is a need in every community for affordable housing and we are committed to helping families own a home of their own,” Ewing said of the estimated three-million-unit home shortage in the country.
New Investor Piques Industry Interest
Tammac has been in business for 46 years and returns after slowing originations due to the Great Recession.
“When the credit crisis hit, the decision was made to pause lending and focus on servicing the existing portfolio of loans. A private equity group based in Philadelphia, Pa., purchased the company in late 2018, re-energizing Tammac’s origination and growth strategy” Ewing said.
Tammac Vice President of Lending Operations Christine Bowers has more than 25 years of experience in underwriting.
“We want to see every application from any individual who has the intent and ability to buy a home,” Bowers sai
d. “We’re looking to do as much for the buyer as possible and help them attain their goal of affordable homeownership.”
Responding to the Market
Tammac lends to both individuals and manufactured housing community investors. They consider the stability, ability, collateral, and history of every lending opportunity they are presented.
“We are flexible and nimble, and can quickly respond to market changes and needs,” Bowers said. “Our approach can be seen as aggressive, but we describe it as logically aggressive. We want to make an impact in the marketplace to help homebuyers.”
Opening New Headquarters
A new headquarters recently opened in Wayne, Pa., a jaunt down the Pennsylvania turnpike from Tammac’s legacy office in Wilkes-Barre.
“Proximity to a national transportation hub and access to the talent to augment today’s team, will bring new vibrance to our traditional customer-centric philosophy. We’re in the midst of really shaking things up and innovating the industry. We will now have the right facilities to buttress that goal,” Ewing said.
“Even with our 46 years of experience, we consider Tammac a ‘start-up” because of all of the advances in our vision and technology,” Ewing said. “Our new headquarters embodies this with its “open” office concept” and the space is technologically-enabled and truly state of the art”.
The company seeks to create an employee-centric culture, part of which is providing perks such as a popcorn machine, snow cone maker, dartboard, cornhole toss, and complimentary snacks and beverages, available for all team members.
Tammac’s mantra is “All in All the Time”, which underscores the importance of commitment and dedication to their internal and external customers.
“We want to ensure that customer success in achieving affordable homeownership is maximized, while we all have lots of fun making it happen. We want fun, excitement, and pride to be palpable across the Tammac work environment,” Ewing said.